Posted by Gunther Gloop on 04/14/07 14:10

"kim" <ntscuser@aol.com> wrote in message
news:2PCdnbDdVKj6R73bnZ2dnUVZ8qijnZ2d@giganews.com...
> "Gunther Gloop" <me@privacy.net> wrote in message
> news:58c2c7F2fippeU1@mid.individual.net...
>> "kim" <ntscuser@aol.com> wrote in message
>> news:UeSdnW-IzPkET73bnZ2dnUVZ8sGvnZ2d@giganews.com...
>>> I have a moral objection as a taxpayer that my taxes are being used to
>>> subsidise the collection of further taxes which serve no useful purpose
>>> whatsoever. Also that major importers are totally exempt from paying
>>> this charge and in some cases even receive refunds of VAT payments they
>>> never made in the first place!
>>>
>>
>> They are? They do? Can you give details?
>
> It's called the "Merry-go-round" and is estimated to cost the British
> taxpayer £15b per year. Essentially, a company registers for VAT then
> reclaims it by saying the goods have since been re-exported. Nobody
> actually checks that the goods have been re-exported. In many cases the
> goods didn't even exist in the first place except on paper.
>
> http://tinyurl.com/2273hl
>
> Even excluding criminal fraud there are many ways a company can avoid
> paying VAT on imports (or anything else for that matter). The bigger a
> company is, the more scope there is for avoiding payment.
>


Interesting. I'm not surprised.



--
A great book I heartily recommend...
http://www.ooyay.com/

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